Sarasota early stage foreclosure filings on rise

Published: Monday, November 12, 2012 at 4:58 p.m.

Last Modified: Monday, November 12, 2012 at 4:58 p.m.

The number of early stage foreclosure filings in Sarasota County has risen for third month in a row, court records show.

During October, 392 early stage filings — so-called “lis pendens” — were filed by 10 of the largest lenders in the region, a 9 percent increase from September.

The filings in October represented a 17 percent increase from August.

Last month, Wells Fargo had the most early stage filings at 83. The big San Francisco-based bank was followed by Bank of America, with 78; JPMorgan Chase, with 76; Citibank, with 28; and Bank of New York, with 26.

That comes as overall foreclosures activity slows nationally but as hungry investors, including the Blackstone Group, continue to search for properties they expect to make a profit on.

CoreLogic Inc., a closely followed housing data provider, reported that there were 57,000 actions logged during September compared with 83,000 a year ago. The September figured also was down slightly from 59,000 in August. The decline is being driven by an improving real estate market and industry and government efforts that are allowing distressed homeowners to pursue refinancing, loan modifications or short sales rather than foreclosures, CoreLogic reported.

But the foreclosure pace continues to be relatively rapid in Florida. Lenders have completed 92,000 foreclosures in 2012 through September, putting the Sunshine State behind only California, which had 108,000 so far this year.

Later this week, RealtyTrac Inc. is scheduled to release foreclosure data for the local market, state and nation.

<p>The number of early stage foreclosure filings in Sarasota County has risen for third month in a row, court records show.</p><p>During October, 392 early stage filings — so-called “lis pendens” — were filed by 10 of the largest lenders in the region, a 9 percent increase from September.</p><p>The filings in October represented a 17 percent increase from August.</p><p>Last month, Wells Fargo had the most early stage filings at 83. The big San Francisco-based bank was followed by Bank of America, with 78; JPMorgan Chase, with 76; Citibank, with 28; and Bank of New York, with 26.</p><p>That comes as overall foreclosures activity slows nationally but as hungry investors, including the Blackstone Group, continue to search for properties they expect to make a profit on.</p><p>CoreLogic Inc., a closely followed housing data provider, reported that there were 57,000 actions logged during September compared with 83,000 a year ago. The September figured also was down slightly from 59,000 in August. The decline is being driven by an improving real estate market and industry and government efforts that are allowing distressed homeowners to pursue refinancing, loan modifications or short sales rather than foreclosures, CoreLogic reported.</p><p>But the foreclosure pace continues to be relatively rapid in Florida. Lenders have completed 92,000 foreclosures in 2012 through September, putting the Sunshine State behind only California, which had 108,000 so far this year.</p><p>Later this week, RealtyTrac Inc. is scheduled to release foreclosure data for the local market, state and nation.</p>